December 16, 2021

Time: A Wonky Tax Break for the Well-Off Is a Bigger Problem for Democrats Than You’d Think

media mention

That’s because raising the cap on SALT deductions from $10,000 to $80,000, as prescribed in the House-passed version of BBB, would disproportionately help taxpayers rich enough to benefit from itemizing their federal tax deductions—which is to say, the richest fifth of Americans. According to a November analysis from the nonpartisan Institute on Taxation and Economic Policy, the higher SALT cap would primarily benefit the richest 20% of taxpayers, and three-fourths of the benefits would go to the richest 5%. Read more